NEW YORK, NY / ACCESSWIRE / July 5, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Destination XL Group, Inc. ("Destination XL" or the "Company") (NASDAQ:DXLG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Destination XL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 30, 2024, Destination XL issued a press release "report[ing] operating results for the first quarter of fiscal 2024, and updated sales and earnings guidance for the fiscal year." Among other items, Destination XL reported revenue of $115.5 million, representing a 7.9% year-over-year decline and missing consensus estimates by $2.4 million. Destination XL also stated that "[b]ased on our current sales trends, we are guiding to the low-end of our previous sales guidance, which is $500 million vs. $515.05M consensus (prior $500.0 - $530.0 million), with a mid-single digit decrease in comparable sales."
On this news, Destination XL's stock price fell $0.27 per share, or 7.56%, to close at $3.30 per share on May 30, 2024.
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SOURCE: Pomerantz LLP